Letting out Commercial Property on composite rent is taxable as Business Income

CA Kanhaiya Kumar Agarwal Brief Facts of the Case and Question of Law: Brief Facts The assessee is a partnership firm vide partnership deed dated 01st April 1994. It was formed for carrying on business of ‘tea blending and packaging’ and also acting as business importer, exporter, supplier and commission agent. No significant activities were done in the assessee firm up to AY 1998-99, thus the firm gave space in its godowns on rent to various parties. The original deed was amended vide supplementary partnership deed dated 01st April 1998, to carry on letting out of godown space on rental ...